Real estate inequity

Bernie Madoff's crimes continue to track toward the Long Island real estate community.
The convicted felon - who's following Charlie Sheen's example of not knowing when to shut up - seems to have sold castles in the sky to yet another powerful Long Island family. This time it's the Rechler clan staring squarely into the ...

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If I buy a car from someone with a phony title that was owned by someone else, and the seller never owned the car, I’m out of luck- I have to return the car to the real owner.

But this statement is REALLY remarkable: “The capital markets could not function if investors were not entitled to rely upon the statements they receive from SEC-regulated broker/dealers,” she added.”

A small lesson is basic securities law is in order: a submission to the SEC is not a guarantee of endorsement of the investment or the accuracy of the filing by the SEC. And it plainly says so on every 10-K and Q ever filed on its first page.

How any lawyer could not know something this rudimentary about securities law is beyond me.